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How To File Your GST-HST Return From A Completed Worksheet

If you have a completed GST-HST worksheet you can easily file your GST-HST return, either by using the figures on the Worksheet and transfering them to a return, or by signing and dating the worksheet itself and mailing it to the Canada Revenue Agency. (If you're not sure what a GST-HST worksheet looks like, you [...]

By |March 29th, 2018|HST-GST, Tax Education|Comments Off on How To File Your GST-HST Return From A Completed Worksheet

How much GST or HST should I charge? – GST and HST rates by province

When you are registered to collect GST or HST and make a sale of goods or services to payer in another province, you must charge the rate of GST or HST according to the rate in the payer's province. For example, if you are a vendor based in Ontario and registered to collect HST, [...]

By |January 23rd, 2018|Tax Education, Two Minute Tax Tips|Comments Off on How much GST or HST should I charge? – GST and HST rates by province

The tale of two brothers, one roof

When two siblings share an inheritance, their best intentions to redistribute the property can backfire and trigger unnecessarily high taxable capital gains. cottage on the lake When their mother died, Troy and Karl were joint beneficiaries of her will and inherited the lakeside cottage she'd lived in for the past 30 years. Troy [...]

By |December 12th, 2017|Tax Education, Two Minute Tax Tips|Comments Off on The tale of two brothers, one roof

Don’t contribute to your RRSP until you read this!

Contributing to an RRSP is always a great move, right? Not so fast. RRSPs reduce your taxes by sheltering income from tax when you contribute. You will pay the income tax later when you withdraw the funds, which is ideally when they’ve had a few years to grow (tax-free), and when you’re in a lower [...]

By |January 13th, 2017|Tax Education, Two Minute Tax Tips|Comments Off on Don’t contribute to your RRSP until you read this!

All About ‘Other Income’

Definition of 'Other Income' 'Other Income' is taxable income that has not been or should not be reported anywhere else on the return. Source: CRA website. How you choose to declare income can have short-term and long-term effects. Line 104 and Line 130 on your Canadian Income Tax Return are usually intended for 'Other Income' [...]

By |January 3rd, 2017|Tax Education|Comments Off on All About ‘Other Income’

Free Webinar: Tax Tips for Creatives

Everyone wants to do the right thing when it comes to taxes, but not everyone knows what the right thing is. That goes double for self-employed or freelance earners, who have more choices and responsibilities when it comes to taxes than regular employees, and seemingly less information available. With the tips in this webinar you [...]

By |February 14th, 2016|Tax Education|Comments Off on Free Webinar: Tax Tips for Creatives

What is a Spousal RRSP Contribution?

Definition of a Spousal RRSP Contribution: A situation in which a person makes a contribution to his or her spouse’s RRSP. The contributor uses his/her contribution room, and reports the contribution on his/her tax return, thus saving income tax at his/her rate. What is the advantage of a Spousal RRSP Contribution? A couple can maximize [...]

What is a Marginal Tax Rate?

Definition of Marginal Tax Rate: The tax rate that applies to your highest-taxed dollar. Used to calculate the tax impact of additional earnings. In a progressive tax system like Canada’s, the more you earn the harder your income is taxed. Income is separated into several levels, or tiers. For example, the first $30,000 earned is [...]